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Harman International Industries Inc (NYSE:HAR) Investor Lawsuit Against Acquisition By Samsung Electronics Filed

  • If you purchased shares of Harman International Industries Inc (NYSE:HAR) and currently hold any of those NYSE:HAR shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Harman International Industries
Security
NYSE: HAR

Case Name
Harman International Industries Deal Case 01/06/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

January 6, 2017 (Shareholders Foundation) - An investor who currently holds shares of Harman International Industries Inc (NYSE:HAR), filed a lawsuit in effort to halt the proposed takeover of Harman International Industries Inc. by Samsung Electronics for $112 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:HAR stockholders by agreeing to sell Harman International Industries Inc too cheaply via an unfair process to Samsung Electronics.

On November 14, 2016, Samsung Electronics (KRX: 005930) and Harman International Industries Inc (NYSE:HAR) announced that they have entered into an agreement under which Samsung Electronics will acquire Harman International Industries Inc (NYSE:HAR) for $112.00 per share in cash, or total equity value of approximately $8.0 billion.

However, plaintiff claims that the proposed consideration NYSE:HAR shareholders will receive is grossly inadequate and undervalues Harman International Industries Inc. Shares of Harman International Industries Inc (NYSE:HAR) reached as high as $145.10 per share in April 2015. Harman International Industries Inc reported that its Total Revenue rose from over $6.15 billion for the 12 months period that ended on June 30, 2015 to over $6.91 billion for the 12 months period that ended on June 30, 2016 and that its Net Income for those respective time periods increased from $342.68 million to $361.73 million. In addition, the plaintiff alleges that the process is also unfair NYSE:HAR stockholders.

On January 6, 2017, NYSE:HAR shares closed at 110.81 per share.